Thursday

Thursdays are just plain weird without export sales to influence trade.  China clearly hasn't showed up in the scale some had expected in the soybean cash market, and futures hit for 26 3/4 cents, 1107 1/2.  Wheat ugly, 535 1/2, off 19 1/4 and rejecting 550 quickly.  Corn down 6 1/2 to 428 3/4 and what worries me in corn is just how much volume got done between 430-435.  Rice recovered 7 cents, 1030.  That's still the crazy cheap food on the global menu.  Dow off 408 points, 47,028.  We were due a setback but there is some nervousness that we are looking at a bigger setback vs. just churn.   Bonds regain 25 tics from the Wednesday push down, 117.07 close.